empty
 
 
26.01.2023 05:40 PM
USD/JPY: new leg higher underway

The USD/JPY pair rallied in the last hours and now is trading at 130.19 at the time of writing. It moves somehow sideways in the short term. The price action signaled that the downside movement could be over and that the buyers could take it higher again.

Fundamentally, the USD received a helping hand from the US data. You knew from my analyses that the USD could be decisive today. Advance GDP rose by 2.9% beating the 2.6% expected, Advance GDP Price Index surged by 3.5% exceeding the 3.2% growth forecasted, while Unemployment Claims came in at 186K far below 203K estimates. In addition, New Home Sales, Durable Goods Orders, Prelim Wholesale Inventories, and Core Durable Goods Orders came in better than expected.

USD/JPY Flag Violated!

This image is no longer relevant

Technically, the USD/JPY pair found support on the ascending pitchfork's lower median line (lml) and now it has rebounded. It has escaped from the minor flag pattern signaling a new bullish momentum.

The next upside target is represented by 130.60. It remains to see how it reacts around this upside obstacle. In my opinion, as long as it stays above the weekly pivot point of 129.44 and above the lower median line (lml), USD/JPY could develop a swing higher.

USD/JPY Forecast!

Jumping and closing above 130.60 indicates further growth and is seen as a bullish signal. The R1 (131.67) represents a potential target!

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Abril, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback